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It would mean more expensive European trips for Uk holidaymakers but could boost the tourism industry in North Wales by making Britain cheaper for foreign travellers.

John Wraith, head of UK rates strategy at UBS, warned that the pound could suffer a fate similar to that during the financial crisis.

He said: "When the global financial crisis entered its acute phase, sterling resumed its rapid decline, falling a further 20% by the end of 2008. Although different in its underlying causes, a similar pattern of decline, pause, and fresh falls may be unfolding now.